Bay Street Seen Opening On Weak Note; Fed Policy Eyed

RTTNews | Před 762 dny

(RTTNews) - Lower Canadian and U.S. futures and weak European stocks point to a negative start for the Canadian market on Wednesday.

The focus is on the Federal Reserve's monetary policy announcement, due later in the day. The Fed is widely expected to raise interest rate by 25 basis points. The accompanying statement is eyed for clues about future rate hikes.

The European Central Bank and the Bank of Japan are scheduled to release their policy statements on Thursday and Friday, respectively.

Activity is likely to be stock specific with investors reacting to a slew of earnings announcements from Canadian companies.

Canadian National Railway (CNR.TO) reported second-quarter revenues of C$4,057 million, a decrease of C$287 million, or 7%, compared to the year-ago quarter. Operating income was C$1,600 million in the second quarter of this financial year, a decrease of C$169 million, or 10%, from a year ago.

Agnico Eagle Mines (AEM.TO) reported adjusted net income of C$ 544 million for the second quarter of this financial year, compared to adjusted net income of C$463 million in the year-ago quarter.

CGI Inc (GIB.A.TO) reported net earnings of $415.0 million for the second quarter, up 13.9% year-over-year.

Loblaw Companies Ltd. (L.TO) reported net earnings of $508 million for the quarter ended June 17, 2023, compared to net earnings of $387 million in the quarter ended June 18, 2022.

The Canadian market ended marginally down on Tuesday after stocks turned in a mixed performance. The mood was largely cautious with investors awaiting the Federal Reserve's monetary policy announcement on Wednesday.

The benchmark S&P/TSX Composite Index ended with a loss of 30.59 points or 0.15% at 20,551.53.

Asian stocks ended mostly lower on Wednesday as investors braced for another rate hike from the U.S. Federal Reserve later in the day.

Odds are that Fed Chair Jerome Powell will signal additional rate hikes are not off the table, but the central bank will take a more gradual approach to rate rises based on incoming data.

Upcoming ECB and BOJ rate decisions also remained on investors' radar.

European stocks are down firmly in negative territory with investors awaiting the Fed interest rate decision later in the day.

In commodities, West Texas Intermediate Crude oil futures are down $0.91 or 1.14% at $78.72 a barrel.

Gold futures are up $9.80 or 0.5% at $1,973.50 an ounce, while Silver futures are down $0.034 or 0.14% at $24.790 an ounce.

Australia Inflation Accelerates To 1-Year High

Australia's consumer price inflation accelerated more than expected to a one-year high in July, indicating a more gradual approach to monetary policy easing. The CPI indicator advanced 2.8 percent year-on-year in July, following June's 1.9 percent rise, the Australian Bureau of Statistics reported. This was the strongest since July 2024.

RTTNews | Před 1 h 9 min

European Economic News Preview: German GfK Consumer Confidence Due

Consumer sentiment survey data from Germany is the top economic news due on Wednesday, headlining a light day for the European economic news. At 2.00 am ET, the market research group GfK publishes Germany's monthly consumer confidence survey results. The consumer sentiment indicator is forecast to fall to -22 in September from -21.5 in August.

RTTNews | Před 1 h 44 min

Australian Market Extends Early Gains In Mid-market

The Australian stock market is extending it early gains in mid-market moves on Wednesday, recouping the losses in the previous session, with the benchmark S&P/ASX 200 moving above the 8,950 level, following the broadly positive cues from Wall Street overnight, with gains across most sectors led by mining and financial stocks.

RTTNews | Před 2 h 34 min

Asian Markets Mixed In Cautious Trades

Asian stock markets are trading mixed on Wednesday, following the broadly positive cues from Wall Street overnight, as traders remain cautious and seem reluctant to make significant moves ahead of the release of key US economic data later in the week, including second quarter GDP and the US Fed's preferred readings on consumer price inflation, which could impact the outlook for interest rates.

RTTNews | Před 2 h 37 min

Mild Upside Seen For Thai Stock Market

The Thai stock market on Tuesday ended the two-day winnings streak in which it had picked up almost 20 points or 1.6 percent. The Stock Exchange of Thailand now sits just above the 1,250-point plateau although it figures to move back to the upside again on Wednesday.

RTTNews | Před 4 h 4 min

Japanese Market Slightly Lower

The Japanese stock market is slightly lower in choppy trading on Wednesday, extending the losses in the previous session, despite the broadly positive cues from Wall Street overnight. The Nikkei 225 is staying below the 42,400 level, with a mixed performance across all sectors.

RTTNews | Před 4 h 22 min

Indonesia Shares May Reverse Tuesday's Losses

The Indonesia stock market headed south again on Tuesday, one day after snapping the two-day slide in which it had fallen almost 85 points or 1.1 percent. The Jakarta Composite Index now sits just above the 7,900-point plateau although it's looking to bounce higher again on Wednesday. The global forecast for the Asian markets is cautiously optimistic, with tech shares likely to rise ahead of key earnings news later in the day. The European markets were down and the U.S. bourses were up and the Asian markets figures to follow the latter lead.

RTTNews | Před 4 h 34 min

Australian Market Modestly Higher

Australian shares are trading modestly higher on Wednesday, recouping the losses in the previous session, with the benchmark S&P/ASX 200 moving above the 8,950 level, following the broadly positive cues from Wall Street overnight, with gains in mining and financial stocks.

RTTNews | Před 4 h 40 min

EURUSD	1.16205	GBPUSD	1.34567	AUDUSD	0.64883
USDJPY	147.78	USDCAD	1.38401	USDCHF	0.8053